$CBGL
CANNABIS GLOBAL, INC.

2015 Q2 Form 10-Q Financial Statement

#000114420415038965 Filed on June 25, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q3 2014 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 12.31%
Operating Profit
YoY Change
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.00K -$10.00K -$10.00K
YoY Change 0.0% 0.0% 0.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.04K -$10.00K -$10.00K
YoY Change 0.42% 0.0% 12.31%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 53.86M shares 53.86M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00K $50.00K $60.00K
YoY Change -66.67% 150.0% 100.0%
Cash & Equivalents $51.74K $59.70K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses $0.00
Receivables
Other Receivables
Total Short-Term Assets $15.39K $51.74K $59.70K
YoY Change -74.23% 142.07% 110.61%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $15.39K $51.74K $59.70K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $15.39K $51.74K $59.70K
YoY Change -74.23% 142.07% 110.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.821K $3.315K $3.264K
YoY Change -13.57% 306.25%
Accrued Expenses $10.00K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $70.00K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $79.63K $3.315K $3.264K
YoY Change 2339.55% 306.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $70.00K $70.00K
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $70.00K $70.00K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.63K $3.315K $3.264K
Total Long-Term Liabilities $0.00 $70.00K $70.00K
Total Liabilities $79.63K $76.46K $75.17K
YoY Change 5.93% 9269.61%
SHAREHOLDERS EQUITY
Retained Earnings -$626.3K -$586.8K -$577.6K
YoY Change 8.44% 8.36% -208.21%
Common Stock $5.386K $5.386K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$60.00K -$24.71K -$15.47K
YoY Change
Total Liabilities & Shareholders Equity $20.00K $51.74K $59.70K
YoY Change -66.5% 142.07% 110.61%

Cashflow Statement

Concept 2015 Q2 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income -$10.04K -$10.00K -$10.00K
YoY Change 0.42% 0.0% 12.31%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$10.00K -$10.00K -$10.00K
YoY Change 0.0% 0.0% 0.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -10.00K -10.00K -10.00K
Cash From Investing Activities
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -10.00K -10.00K -10.00K
YoY Change 0.0% 0.0% 0.0%
FREE CASH FLOW
Cash From Operating Activities -$10.00K -$10.00K -$10.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i>Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
70000 USD
CY2014Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.07 pure
CY2014Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1235 USD
CY2015Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
6806 USD
CY2015Q2 us-gaap Assets Current
AssetsCurrent
15387 USD
CY2015Q2 us-gaap Assets
Assets
15387 USD
CY2015Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
2821 USD
CY2015Q2 us-gaap Interest Payable Current
InterestPayableCurrent
6806 USD
CY2014Q3 us-gaap Interest Payable Current
InterestPayableCurrent
0 USD
CY2015Q2 us-gaap Notes Payable Current
NotesPayableCurrent
70000 USD
CY2014Q3 us-gaap Notes Payable Current
NotesPayableCurrent
0 USD
CY2015Q2 us-gaap Liabilities Current
LiabilitiesCurrent
79627 USD
CY2014Q3 us-gaap Liabilities Current
LiabilitiesCurrent
3315 USD
CY2015Q2 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
0 USD
CY2014Q3 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
3141 USD
CY2015Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
0 USD
CY2014Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
70000 USD
CY2015Q2 us-gaap Liabilities
Liabilities
79627 USD
CY2014Q3 us-gaap Liabilities
Liabilities
76456 USD
CY2014Q3 us-gaap Common Stock Value
CommonStockValue
5386 USD
CY2014Q3 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
556711 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-626337 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-586809 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
-24712 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
51744 USD
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2014Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2014Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
53864600 shares
CY2014Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
53864600 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
53864600 shares
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
53864600 shares
us-gaap Interest Paid
InterestPaid
0 USD
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21135 USD
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
59703 USD
us-gaap Interest Paid
InterestPaid
0 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2015Q2 us-gaap Revenues
Revenues
0 USD
us-gaap Revenues
Revenues
0 USD
us-gaap Revenues
Revenues
0 USD
mctc Related Parties General And Administrative Expense
RelatedPartiesGeneralAndAdministrativeExpense
6750 USD
us-gaap Professional Fees
ProfessionalFees
25794 USD
us-gaap Professional Fees
ProfessionalFees
27251 USD
us-gaap Other Expenses
OtherExpenses
1862 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-10042 USD
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53864600 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53864600 shares
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-241 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
0 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2448 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-494 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
1906 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
3665 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-31432 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-36357 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
70000 USD
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
38568 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-36357 USD
dei Entity Central Index Key
EntityCentralIndexKey
0001413488
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--08-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Note 1. Organization and Description of Business</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">MicroChannel Technologies Corporation (the &#8220;Company&#8221;) was formed as a wholly-owned subsidiary of New Energy Technologies, Inc. (&#8220;New Energy&#8221;). New Energy spun off its issued and outstanding shares to New Energy&#8217;s shareholders on December 18, 2007. The Company was incorporated under the name MultiChannel Technologies Corporation on February 28, 2005 in the State of Nevada, and changed to its existing name on April 4, 2005.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company is not currently engaged in any business operations. It is, however, in the process of attempting to identify, locate, and if warranted, acquire new commercial opportunities.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2015-05-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
MICROCHANNEL TECHNOLOGIES CORP
dei Trading Symbol
TradingSymbol
MCTC
CY2015Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
53864600 shares

Files In Submission

Name View Source Status
0001144204-15-038965-index-headers.html Edgar Link pending
0001144204-15-038965-index.html Edgar Link pending
0001144204-15-038965.txt Edgar Link pending
0001144204-15-038965-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
mctc-20150531.xml Edgar Link completed
mctc-20150531.xsd Edgar Link pending
mctc-20150531_cal.xml Edgar Link unprocessable
mctc-20150531_def.xml Edgar Link unprocessable
mctc-20150531_lab.xml Edgar Link unprocessable
mctc-20150531_pre.xml Edgar Link unprocessable
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R2.htm Edgar Link pending
R3.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
v412688_10-q.htm Edgar Link pending
v412688_ex31-1.htm Edgar Link pending
v412688_ex32-1.htm Edgar Link pending